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U.S. Monetary Authorities Did Not Intervene In FX Markets During the Second Quarter

August 7, 2014

NEW YORK—The U.S. monetary authorities did not intervene in the foreign exchange markets during the April—June quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.

The U.S. dollar’s performance was mixed against individual currencies during the three months that ended June 30, 2014. The dollar appreciated 0.6 percent against the euro in anticipation of further European Central Bank policy accommodation, which was realized at the June 5 Governing Council meeting. Meanwhile, the dollar depreciated 1.8 percent against the Japanese yen, as expectations for further monetary easing by the Bank of Japan were pushed back. In this period, the dollar’s nominal trade-weighted exchange value decreased 1.2 percent, as measured by the Federal Reserve Board’s major currencies index.

The report was presented by Simon Potter, executive vice president of the Federal Reserve Bank of New York and the Federal Open Market Committee’s manager for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.